Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2011

Financial assets and liabilities at fair value on a recurring basis

The following table sets forth our financial assets and liabilities that were accounted for at fair value on a recurring basis by the level of input within the ASC 820 fair value hierarchy. As required by GAAP for fair value measurements and disclosures, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and the placement within the fair value hierarchy levels.

Recurring Fair Value Measurements	As of December 31, 2011
	Level 1		Level 2		Level 3		Total
ASSETS:
Cash equivalents	$	176,284	$	-	$	-	$	176,284
Trust assets		15,889		-		-		15,889
Surety bonds – workers comp insurance		2,391		-		-		2,391
Primary aluminum put option contracts		-		9,331		-		9,331
Power contract		-		-		106		106
TOTAL	$	194,564	$	9,331	$	106	$	204,001

LIABILITIES:
Natural gas forward financial purchase contracts	$	-	$	281	$	-	$	281
E.ON contingent obligation – net		-		-		13,958		13,958
Primary aluminum sales contract – premium collar		-		-		908		908
TOTAL	$	-	$	281	$	14,866	$	15,147

Recurring Fair Value Measurements	As of December 31, 2010
	Level 1		Level 2		Level 3		Total
ASSETS:
Cash equivalents	$	294,269	$	-	$	-	$	294,269
Primary aluminum put option contracts		-		4,691		-		4,691
Natural gas forward financial purchase contracts		-		79		-		79
Power contract		-		-		72		72
TOTAL	$	294,269	$	4,770	$	72	$	299,111

LIABILITIES:
E.ON contingent obligation	$	-	$	-	$	13,091	$	13,091
Primary aluminum sales contract – premium collar		-		-		783		783
TOTAL	$	-	$	-	$	13,874	$	13,874

Change in level 3 fair value measurements

Change in Level 3 Fair Value Measurements during the years ended December 31,
	Derivative liabilities/assets
	2011			2010
Beginning balance January 1,	$	(13,802	)	$	(1,632	)
Total gain (loss) (realized/unrealized) included in earnings		(1,382	)		23
Purchases, issuances and settlements		424			(12,193	)
Ending balance, December 31,	$	(14,760	)	$	(13,802	)

Amount of total loss (gain) included in earnings attributable to the change in unrealized gains/losses relating to assets and liabilities held at December 31,	$	(1,382	)	$	23

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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